TAJ Bank has obtained regulatory approval to list its N10 billion Sukuk on the Nigerian Exchange (NGX).
TAJ Bank had under the first tranche of its N100 billion Sukuk issuance programme, launched a N10 billion capital raising through its special purpose vehicle- Taj Sukuk Issuance Programme SPV Plc.
The company offered series 1 Mudarabah Sukuk at N1,000 per Sukuk certificate with a projected profit of 15 per cent per annum.
The net proceeds of the Sukuk will be used by TAJBank as additional Tier-1 Capital under the capital regulation and will be used by the bank to support its Tier-1 capital for the purpose of maintaining its capital adequacy and for its general corporate business activities.
TAJBank plans to expand its operations across the nation by upgrading its operating licence to national banking licence.
Chairman, TAJBank Limited, Alhaji Tanko Gwamma, said the non-interest bank is focused on growing its business and attaining nationwide market.